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Screening rent-to-own tenants

Screening rent-to-own tenants puts landlords in a whole different ballgame from the usual vetting process, says investment expert and Realtor Nick Karadza, a speaker at the upcoming Investor Forum Toronto.

The Early Bird deadline to purchase tickets for the upcoming Investor Forum Toronto is Feb 15 and space is filling up quickly. To reserve your place, please visit www.theinvestorforum.ca

Video transcript below:

Jemima Codrington: Anytime you are selecting tenants, careful screening and due diligence is a huge part of the process. But it’s even more important when you are screening for an RTO property because you are also selecting buyers. Crew caught up with Nick Karadza, Investment Consultant and speaker at this year’s Toronto Investor Forum to find out how to screen for success.

How is screening for RTO tenants different from regular tenancies?

Nick Karadza: It’s really important. I mean it’s important in any situation, particularly with rent to own situation because it’s less landlord tenant, it’s more a partnership with really trying to set them up for success to purchase the property at the end of the program. So there is a stronger bond there and you want to make sure you are establishing that early on in the process to give them the best chance for success if possible and with giving them the best chance for success, you are giving yourself the best chance to enjoy the most profit as possible as well.

Can you give us some insight into what you’ll be speaking about at the Investors Forum Toronto?

Nick Karadza: Absolutely. We have had a lot of experience doing Rent to Own properties. We have probably done 500 or 600 of them now with a group of investors that we have worked closely with. So we are going to share lot of the strategies that we have used to really increase the cash fill numbers of Rent to own properties and increase the profit potential. But not only that, we want to dive into a little bit of, “hey here’s what the benefits of it, here’s what really works, but also here’s the challenges, here’s the downfalls, here’s what you got to really be aware of.” So we want to take a look at rent to own investing from both sides of the coin and see if it’s a right fit for the investor.